Gold Prices Slide on Fed Chair's Hawkish Inflation Stance

Gold prices took a hit on August 31, as investors booked profits following Fed Chair Kevin Warsh's hawkish stance on inflation. The COMEX gold futures dipped 1.23% to $4,474.30 per ounce, while silver dropped 1.71% to $65.85 per ounce during early trading.

The domestic MCX futures for the October contract closed Friday's session down 1.41% at Rs 1,55,999 per 10 grams, and the silver contract for September fell 1.66% to Rs 2,36,651 per kilogram from its previous session.

Analysts predict a cautious gap-down or flat opening bias for precious metals due to the current global setup.